List of Trading Charges - SIX Exchange Regulation · SIX Swiss Exchange Ltd List of Trading ......

SIX Swiss Exchange Ltd

List of Trading Charges

Dated 12 March 2018Entry into force: 28 May 2018

List of Trading Charges 28/05/2018

SIX Swiss Exchange Ltd ii

Content

1 Purpose, scope and list of fees..................................................................................................... 4

1.1 Purpose......................................................................................................................................... 4

1.2 Scope............................................................................................................................................ 4

1.3 List of fees .................................................................................................................................... 4

2 Definitions .................................................................................................................................... 5

3 Participation fees .......................................................................................................................... 6

3.1 Participant admission fee ............................................................................................................. 6

3.2 Admission fee GCM (General Clearing Member).......................................................................... 6

3.3 Participant annual fee ................................................................................................................... 6

3.4 Annual fee GCM (General Clearing Member) ............................................................................... 7

3.5 Sponsored Access fee .................................................................................................................. 7

4 Access fee .................................................................................................................................... 7

5 Extraordinary fees......................................................................................................................... 7

5.1 Extraordinary monitoring fee ........................................................................................................ 7

5.2 Extraordinary investigation fee ..................................................................................................... 7

5.3 Mistrade fee.................................................................................................................................. 7

5.4 Cancellation fee ............................................................................................................................ 7

6 Issuing fee .................................................................................................................................... 8

7 Fees for on-exchange, on-order-book trading .............................................................................. 8

7.1 Principle........................................................................................................................................ 8

7.2 Transaction fee ............................................................................................................................. 8

7.3 Ad valorem fee ............................................................................................................................. 8

7.4 Rate bands.................................................................................................................................... 97.4.1 Standard ....................................................................................................................................... 97.4.2 Newly admitted participants......................................................................................................... 97.4.3 Commitment levels....................................................................................................................... 97.4.4 LPS ............................................................................................................................................. 10

7.5 Special fees ................................................................................................................................ 10

8 Fees for on-exchange trading without pre-trade transparency .................................................. 10

8.1 Principle...................................................................................................................................... 10

8.2 Transaction fee ........................................................................................................................... 11

8.3 Ad valorem fee ........................................................................................................................... 11

9 Fees for on-exchange, off-order-book trading............................................................................ 11

9.1 Principle...................................................................................................................................... 11

9.2 Transaction fee ........................................................................................................................... 11

9.3 Ad valorem fee ........................................................................................................................... 11

9.4 Fee for Trade Type "Both Parties" .............................................................................................. 11

10 Capacity fees .............................................................................................................................. 11

10.1 QPS capacity fee ........................................................................................................................ 11

10.2 FTPS capacity fee ....................................................................................................................... 11

10.3 OTPS capacity fee....................................................................................................................... 12


SIX Swiss Exchange Ltd iii

11 Common Provisions ................................................................................................................... 12

11.1 Payment dates ............................................................................................................................ 12

11.2 Reimbursement of fees .............................................................................................................. 12

Annex A – Blue Chip Shares......................................................................................................................... 13

Annex B – Mid-/Small-Cap Shares................................................................................................................ 16

Annex C – Secondary Listing Shares............................................................................................................ 17

Annex D – Sponsored Foreign Shares.......................................................................................................... 18

Annex E – Rights and Options...................................................................................................................... 20

Annex F – ETF, ETSF, Investment Funds and ETP........................................................................................ 21

Annex G – Sponsored Funds ........................................................................................................................ 23

Annex H – Bonds – CHF ............................................................................................................................... 25

Annex I – Bonds – Non-CHF......................................................................................................................... 27

Annex J – Structured Products..................................................................................................................... 29

Annex K – Fees for on-exchange trading without pre-trade transparency ................................................... 31

Annex L – Access Fee .................................................................................................................................. 32


SIX Swiss Exchange Ltd 4

1 Purpose, scope and list of fees

1.1 Purpose1 According to Clause 4.8 Rule Book, the participant must pay all charges and costs.2 The Exchange may waive all or parts of fees and costs, providing it continues to treat all participantsequally.

1.2 Scope

This List of Trading Charges applies to all participants, as well as further persons who have submittedthemselves to the rules and regulations of the Exchange.

1.3 List of fees

This List of Trading Charges governs the following fees:– Participation fees

– Admission fee– Annual participation fee– Sponsored Access fee

– Access fee– Extraordinary fees

– Monitoring fee– Investigation fee– Mistrade fee– Cancellation fee

– Issuing fee– Fees for on-exchange, on-order-book trading

– Transaction fee– Ad valorem fee– Special fees

– Fees for on-exchange trading without pre-trade transparency– Transaction fee– Ad valorem fee

– Fees for on-exchange, off-order-book trading– Transaction fee– Ad valorem fee– Fee for Trade Type "Both Parties”

– Capacity fees– QPS capacity fee– FTPS capacity fee– OTPS capacity fee



2 DefinitionsThe following definitions are used in this List of Trading Charges:

Access Connection of physical data line to the Exchange network.

Access fee The Exchange levies a monthly access fee per connection to the Exchange system. Thisdiffers depending on the type of connectivity chosen and is payable irrespective of trad-ing activity.

Admission fee The Exchange may charge new participants and GCMs a one-off fee.

Ad-valorem fee The ad valorem fee depends on the transaction volume.

Aggressor Order that executes against an order already in the order book (continuous trading).

ASP Application Service Provider.

Auction execution An auction execution results when an order is executed during an auction.

bp Basis points (1/100th of a percentage point).

CHF Swiss francs.

Client Participants, Application Service Providers (ASP), Independent Software Vendors (ISV),Infrastructure Service Providers (ISP) and market data vendors/recipients.

Co-Location Access Access in co-location data centre of the Exchange to connect client infrastructure hos-ted either in co-location or located in the Zurich metro area.

Commitment levels Discount bands relating to the ad valorem fee; dependent on the participant reaching acertain minimum monthly fee volume.

Connectivity Network set-up which consists of one or two self-redundant accesses.

Exchange SIX Swiss Exchange Ltd

Extraordinary investigationfee

The Exchange charges participants a fee if they give cause for extraordinary investiga-tion.

Extraordinary monitoring fee The Exchange charges participants a fee if they give cause for extraordinary monitoring.

FTPS capacity fee Each participant can buy trading capacity in the form of FIX transactions (STI orders)per second (FTPS). The Exchange charges a fee for this.

GCM General Clearing Member; fulfills the function of GCM for participants which are noclearing members of a central counterparty recognised by the Exchange.

ISP Infrastructure Service Provider, meaning a telecommunications service provider.

Issuing fee The Exchange charges a fee on certain issues of securities admitted to trading on SIXSwiss Exchange.

ISV Independent Software Vendor

Liquidity provider A participant submitting buy and sell orders by way of orders and quotes in accordancewith agreed liquidity requirements.

LPS Liquidity Provider Scheme; discount bands relating to the transaction fee and advalorem fee as well as the capacity fee, which are dependent on the fulfilment of cer-tain requirements.

Market maker A participant submitting buy and sell orders by way of quotes and in accordance withtrading segment-specific requirements, and which has also concluded a market makeragreement.

Minimum Activity Charge(MAC)

The MAC represents the difference between the defined minimum fee volume and theeligible fee volume.

Optical link Optical access/fibre-optic connection.

Order An order to buy or sell a security. Orders entered via the STI are designated as STI Or-ders, and those entered via the OTI are designated as OTI Orders.

OTPS capacity fee Each participant can buy trading capacity in the form of OUCH transactions (OTI orders)per second (OTPS). The Exchange charges a fee for this.

Partial fulfilment Fulfilment of 80% of the cumulative requirements for the application of the LPS tariff.The participant is granted two partial fulfilments per calendar year.

Participant Participant of the Exchange.

Participation fee The Exchange charges each participant an annual fee.



Poster An order which comes to execution from the order book (in the continuous trading Ex-change period).

Proximity Service Provider Infrastructure service provider with location close to the Exchange data centre.

QPS capacity fee Each market maker and liquidity provider can buy guaranteed trading capacities for in-dividual trading segments in the form of quotes per second (QPS) ("QTI Quotes"). TheExchange charges a fee for this.

Quote A quote is a limited order to buy or sell (one-sided quote) or a pair of limited orders tobuy and sell (two-sided quote). Quotes entered via the QTI are designated as QTIQuotes. Quotes are given by market makers and liquidity providers in trading segmentsthat operate according to the corresponding market or fee model.

SCAP The SIX Swiss Exchange Common Access Portal, i.e. the technical infrastructure usedto access services offered by SIX Swiss Exchange.

Sponsored Access Sponsored Access (SA) refers to an arrangement through which a participant of the Ex-change facilitates the submission of client orders to the Exchange by permitting clientsto transmit orders electronically and directly to the Exchange under the Sponsoring Par-ticipant's member ID without the orders being routed through the Sponsoring Parti-cipant's internal electronic trading systems.

Sponsored User Sponsored User means a client of a Sponsoring Participant that has been permittedSponsored Access to the Exchange by a Sponsoring Participant.

Sponsoring Participant Sponsoring Participant means a participant of the Exchange that permits clientsSponsored Access to the Exchange.

Trade (Partial) execution of an order.

Transaction Execution of an order. When an order is executed in several tranches (partial execu-tions), all tranches of the order on the same trading day are collated into a single trans-action.

Transaction fee The Exchange charges a fee for all on-order-book and off-order-book transactions. Thisfee is payable per transaction and participant. The level of this fee depends on the trad-ing segment concerned.

3 Participation fees

3.1 Participant admission fee

The Exchange does not collect an admission fee from its participants.

3.2 Admission fee GCM (General Clearing Member)1 The one-off admission fee payable to the Exchange is CHF 5,000 per GCM.2 The Exchange may reduce or waive the one-off admission fee if the GCM is a participant of the Ex-change.3 Participants must remit the one-off admission fee before starting to trade on the Exchange.4 No full or partial reimbursements of the one-off admission fee will be made.

3.3 Participant annual fee1 The Exchange charges participants an annual fee of CHF 20,000 each. Should participation begin or endduring a year, this fee is levied pro-rata.2 For new participants, the first annual fee, equalling the trading fees laid down in Clauses 7 and 9, iswaived for the first twelve months after the participant is admitted as such.3 Should the participant cancel its membership during this period, no right of set off pursuant to paragraph2 will apply.



3.4 Annual fee GCM (General Clearing Member)1 The annual fee per GCM is CHF 5,000 each. Should participation begin or end during a year, this fee islevied pro-rata.2 The Exchange may reduce or waive the annual fee if the GCM is a participant of the Exchange.

3.5 Sponsored Access fee1 All of the Sponsored Access fees that are charged by the Exchange, as specified below, are exclusive ofvalue-added taxes.2 Sponsoring Participants that permit a Sponsored User Sponsored Access to the Exchange are subject toa monthly Sponsored Access fee of CHF 1,000 per Sponsored User.3 The Exchange provides one Sponsored Access drop copy feed per Sponsored User free of charge. Eachadditional drop copy feed is subject to a monthly charge of CHF 750 per Sponsored User.4 The Exchange provides the Sponsoring Participant three “RiskXposure Graphical User Interfaces” free ofcharge to monitor all Sponsored Access flow from its Sponsored Users. Each additional “RiskXposureGraphic User Interface” is subject to a monthly charge of CHF 250. The Exchange reserves the right tolimit the number of “RiskXposure Graphical User Interfaces” per Sponsoring Participant.

4 Access fee1 The Exchange charges a monthly access fee for each access to the Exchange system. This fee is chargedirrespective of the number of participants accessing the platform via that connection.2 The applicable rates are set out in the Annex to this List of Trading Charges.3 All of the access fees charged by the Exchange, as specified below and in the Annexes, are exclusive ofvalue-added taxes.

5 Extraordinary feesAll of the extraordinary fees that are charged by the Exchange, as specified below, are exclusive of value-added taxes.

5.1 Extraordinary monitoring fee

The Exchange charges participants a monitoring fee if they give cause for an extraordinary monitoring.This fee is determined by the complexity of the monitoring task and the time involved. It is subject to aminimum charge of CHF 1,000.

5.2 Extraordinary investigation fee

The Exchange charges participants an investigation fee if they give cause for an extraordinary investiga-tion. This fee is determined by the complexity of the investigation and the time involved. It is subject to aminimum charge of CHF 1,000.

5.3 Mistrade fee

The Exchange charges participants who have caused a trade to be declared null and void (mistrade), or thecorresponding investigation, a fee of CHF 200.

5.4 Cancellation fee

The Exchange charges participants a fee of CHF 50 for entering and cancelling a trade or Trade Report ontheir behalf.



6 Issuing fee1 The Exchange charges a fee on certain issues of securities admitted to trading on SIX Swiss Exchange.The following domestic (Swiss) issues are subject to this fee:a) Underwriting of Swiss bonds: the fee is payable by the securities dealer that underwrites the securities

upon issue (lead manager, syndicate head).b) Placement of Swiss bonds which are not underwritten (direct placement on a commission basis): the

fee is payable by the securities dealer that handles the placement.2 Issues outside Switzerland are exempt from this fee.3 The fee is not levied on:a) the assignment and underwriting of sub-participations;b) allotments to subscribers;c) the issue of banks' medium-term notes;d) the issue of federal, cantonal or municipal medium-term notes;e) the issue of Swiss investment fund units;f) the issue of bonds from non-Swiss issuers;g) the issue of convertible capital and debt instruments by domestic borrowers to carry losses the case of

insolvency measures described in Art. 126 et seqq. of the Ordinance on Capital Adequacy and Risk Di-versification for Banks and Securities Traders (Capital Adequacy Ordinance), providing the bond or sim-ilar debt security is issued between 1 January 2017 and 31 December 2021 and FINMA approves thebond being set off against required capital, or approves the similar debt security as fulfilling the regulat-ory requirements under the Federal Act on Banks and Savings Banks (Banking Act).

4 The fee is levied on the nominal value of the issue and is essentially 7 centimes per CHF 1,000 of nominalvalue. This is capped at CHF 50,000 per issue or additional tranche. For bonds with a term to maturity ofno more than one year, the fee is 5 centimes per CHF 1,000 of nominal value. This is capped at CHF 5,000per issue or additional tranche.

7 Fees for on-exchange, on-order-book trading

7.1 Principle1 The Exchange levies a fee on all on-exchange, on-order-book trades. This is payable per trade and parti-cipant.2 For orders with Routing Instructions “SWMX” and “SWMB”, the Exchange charges the fee according towhether the trade was executed on-exchange, on-order-book or on-exchange without pre-trade transpar-ency.3 The fee is defined individually for each trading segment. The applicable rates are set out in the relevantAnnexes A-J to this List of Trading Charges.4 The fee comprises a transaction fee and an ad valorem fee.

7.2 Transaction fee1 The transaction fee is a fixed charge.2 For an order executed on the same day in several tranches, the transaction fee is due pro rata for everyindividual tranche.3 The Exchange may institute rate bands for the transaction fee in individual trading segments.

7.3 Ad valorem fee1 The ad valorem fee depends on the trade's transaction volume. It is determined in terms of basis pointsand has both a set minimum (floor) and a set maximum (cap).2 The ad valorem fee is determined by the type of the (partial) execution. Its amount may differ



a) for orders which are executed from the order book (posters),b) for orders which are executed directly with orders in the order book (aggressor) andc) for orders which are executed during auction (auction execution).3 The Exchange charges an ad valorem fee for (partial) executions which result from that portion of icebergorders which exceeds the visible quantity in the order book. The ad valorem fee corresponds to that whichis applied to orders which are executed directly with orders in the order book (aggressor).4 The Exchange may offer trading segments alternative rates (e.g. a standard rate for both posters and ag-gressors or the market maker tariff).5 The Exchange may institute rate bands for the ad valorem fee in individual trading segments.

7.4 Rate bands

Where several rate bands are defined, participants are subject to the following rules:

7.4.1 Standard

The standard tariff is applicable for participants that have not chosen a tariff.

7.4.2 Newly admitted participants1 The choice of tariff for newly admitted participants obligates the participant to observe certain criteria.The provisions of Clause 7.4.3 shall apply mutatis mutandis.2 The tariff is applicable for no longer than the duration of three months. This period begins on the first dayof the month following the commencement of trading.

7.4.3 Commitment levels1 The choice of a commitment level tariff obligates the participant to observe certain criteria. The commit-ment levels in question are essentially minimum fee volumes which are defined monthly.2 If the participant does not achieve the commitment level defined for the chosen rate band, it must pay aMinimum Activity Charge (MAC).3 The MAC represents the difference between the commitment level and the eligible fee volume actuallygenerated. The MAC is charged on a monthly basis.4 The following are counted towards the achievement of the commitment level:a) all of the fees set out in Clauses 7 and 9 of this List of Trading Charges which are incurred in the follow-

ing trading segments:1. Blue Chip Shares (Annex A); and2. Secondary Listing Shares (Annex C); and3. Sponsored Foreign Shares (Annex D); as well as

b) all of the fees set out in Clause 8 of this List of Trading Charges for on-exchange trading without pre-trade transparency1. on SLS (Annex K); and2. on SwissAtMid in the Blue Chip Shares trading segment (Annex K).

5 Where several participants which are wholly owned by the same group have each selected a commit-ment level, these participants may apply for the rate band of the highest commitment level chosen. TheExchange will approve the application provided the participants can prove that they fulfil the conditions ofthis paragraph. The participants' individual commitment levels and the MACs to be paid upon them remainunchanged by this arrangement.6 Changes of rate band are possible with effect from the beginning of any given month. They must be noti-fied to the Exchange in writing using the corresponding notification form at least seven calendar days inadvance.



7.4.4 LPS1 The LPS tariff is applicable if the participant undertakes to observe certain criteria and if he fulfils the re-quirements of the tariff on an accumulative basis monthly.2 The tariff includes on-exchange, on-order-book tradesa) in trading segments defined by the Exchange;b) under a single or multiple nominated participant identifications (Party IDs);c) which are flagged as nostro trades (trading in own name and for own account).3 The tariff models of this List of Trading Charges chosen by the participant apply for other trades.4 The requirements for the applicability of the LPS tariff are laid down in the corresponding Annex to thisList of Trading Charges.5 The standard tariff or chosen commitment level tariff is applicable on a subsidiary basis if the participantfails to meet the requirements of the LPS tariff. This does not apply to partial fulfilments.6 The minimum activity charge (MAC) is not levied if the participant has only executed on-exchange, on-or-der-book trades which qualify for the LPS tariff in accordance with this Clause 7.4.4 para. 2, and haschosen a commitment level tariff that is subsidiary to the LPS tariff. Clause 7.4.3 applies to other trades.7 The Exchange rules out the applicability of the LPS tariff for the duration of at least three months if theparticipanta) fails to fulfil the requirements of the LPS tariff;b) breaches the provisions of this Clause 7.4.4, in particular if it flags orders as client transactions (trading

in own name but for the account of the client) under the nominated participant identifications (PartyIDs);

c) has exceeded the permissible number of partial fulfilments.8 Changes of rate band are possible with effect from the beginning of any given month. They must be noti-fied to the Exchange in writing using the corresponding notification form at least seven calendar days inadvance.

7.5 Special fees1 The Exchange may levy a special fee for the use of Normal Orders with "fill-or-kill" (FOK) or "immediate-or-cancel (IOC or Accept)" validities, as well as for the replication of these order validities by the parti-cipant.2 A replication is deemed to be the entry of an order followed by the deletion of the same order within onesecond.3 The fee is defined individually for each trading segment. The applicable rates are set out in the relevantAnnexes to this List of Trading Charges.

8 Fees for on-exchange trading without pre-trade transparency

8.1 Principle1 The Exchange levies a fee on all trades that are conducted on-exchange without pre-trade transparency.This is payable per trade and participant.2 For orders with Routing Instructions “SWMX” and “SWMB”, the Exchange charges the fee according towhether the trade was executed on-exchange, on-order-book or on-exchange without pre-trade transpar-ency.3 The fee is defined individually for each service and trading segment. The applicable rates are set out inthe relevant Annex K to this List of Trading Charges.4 The fee comprises a transaction fee and an ad valorem fee.



8.2 Transaction fee1 The transaction fee is a fixed charge.2 For an order executed on the same day in several tranches, the transaction fee is due pro rata for everyindividual tranche.3 The Exchange may institute rate bands for the transaction fee in individual trading segments.

8.3 Ad valorem fee1 The ad valorem fee depends on the trade's transaction volume. It is determined in terms of basis pointsand has both a set minimum (floor) and a set maximum (cap).2 The Exchange may offer trading segments alternative rates.3 The Exchange may institute several rate bands for the ad valorem fee, similar to the participant's choiceof tariff for on-exchange, on-order-book trading.

9 Fees for on-exchange, off-order-book trading

9.1 Principle1 The Exchange levies a fee on all trades reported to it on-exchange, off-order-book. This is payable pertrade and participant.2 The fee is defined individually for each trading segment and/or service. The applicable rates are set out inthe relevant Annex to this List of Trading Charges.3 This fee is the same for all participants. It comprises a transaction fee and an ad valorem fee.

9.2 Transaction fee

The transaction fee is a fixed charge.

9.3 Ad valorem fee

The ad valorem fee depends on the trade's transaction volume. It is determined in terms of basis pointsand has both a set minimum (floor) and a set maximum (cap).

9.4 Fee for Trade Type "Both Parties"

For one-sided Trade Reports flagged with the Trade Type "Both Parties", the Exchange charges the parti-cipant the fees for on-exchange, off-order-book trading for both of the parties involved in the trade.

10 Capacity feesAll capacity fees of the Exchange specified below and in the annexes are exclusive of VAT.

10.1 QPS capacity fee1 The Exchange provides market makers and liquidity providers with dedicated trading capacities in theform of quotes (quotes per second, QPS) for individual trading segments.2 The Exchange may allocate QPS to participants in return for a fee. Allocation is on a monthly basis.3 The QPS capacity fee is defined per trading segment. The applicable allocation models and rates are setout in the relevant Annex to this List of Trading Charges.

10.2 FTPS capacity fee1 The Exchange provides trade capacities in STI orders (FIX transactions per second, FTPS) for the marketsit operates.



2 The Exchange may allocate additional FTPS to participants in return for a fee. Allocation is on a monthlybasis.3 The applicable allocation models and rates are set out per trading segment in the relevant Annex to thisList of Trading Charges.

10.3 OTPS capacity fee1 The Exchange provides trade capacities in OTI orders (OUCH transactions per second, OTPS) for the mar-kets it operates.2 The Exchange may allocate additional OTPS to participants in return for a fee.3 The applicable allocation models and rates are set out per trading segment in the relevant Annex to thisList of Trading Charges.

11 Common Provisions

11.1 Payment dates1 Unless agreed otherwise, the Exchange's invoices must be paid within 30 days of issue.2 Interest in arrears of 10% p.a. may be charged on payments received late.

11.2 Reimbursement of fees1 Any claim for the reimbursement of fees must be lodged within six months of the invoice date. Entitle-ment to reimbursement will lapse at the end of this period.2 The claim for reimbursement must be supported by confirmation from the participant's auditors.

Resolution of the Management Committee of the Exchange of 12 March 2018, in effect since 28 May2018.



Annex A – Blue Chip SharesEquities included in the SLI Swiss Leader Index®.


1.1 Transaction fee

The transaction fee differs according to the following table depending on the interface with the exchangesystem.

Trades executed via STI Trades executed via OTI

During continuoustrading

Auctionexecutions

During continuoustrading

Auctionexecutions

Standard CHF 1.00 CHF 1.00 CHF 0.75 CHF 1.00

Newly admitted participants CHF 1.00 CHF 1.00 CHF 0.05 CHF 1.00

Commitment Level 1 CHF 1.00 CHF 1.00 CHF 0.50 CHF 1.00



LPS CHF 0.00 CHF 1.00 CHF 0.00 CHF 1.00

1.2 Ad valorem fee

1.2.1 Standard

1.2.1.1 Standard tariff

Asymmetrical: Floor Scale Cap

a) Poster CHF 0.00 0.00 bp CHF 0

b) Aggressor CHF 0.50 0.65 bp CHF 65

c) Auction execution CHF 0.50 0.75 bp CHF 75

Commitment No commitment required

1.2.1.2 Alternative fee structure

Balanced: Floor Scale Cap

a) Poster & aggressor CHF 0.50 0.32 bp CHF 32

b) Auction execution CHF 0.50 0.75 bp CHF 75


1.2.2 Newly admitted participants






Commitment Monthly minimum fee: CHF 10,000








1.2.3 Commitment Level 1

1.2.3.1 Commitment Level 1 tariff



































1.2.6 LPS

1.2.6.1 LPS requirements

The requirements for the applicability of the LPS tariff are:a) An average passive market share of at least 2% in continuous trading in this trading segment, achieved

by orders which are executed from the order book (Poster);



b) An average presence time of at least 25% at the best bid or ask price, regardless of the starting positionin the order book;

c) An average order size at the best bid or ask price of at least CHF 10,000; andd) A passive market share of at least 2% in continuous trading in at least 20 individual securities in this

trading segment. The partial fulfilment allowance applies to the number of securities only.

1.2.6.2 LPS tariff

Floor Scale Cap

a) Poster - 0.00 bp -

b) Aggressor - 0.28 bp -


2 Fees for off-order-book trading

2.1 Transaction fee

The transaction fee is CHF 1.00.

2.2 Ad valorem fee

The standard fee is:

Standard fee Floor Scale Cap

Reporting CHF 0.50 0.25 bp CHF 25



Annex B – Mid-/Small-Cap SharesShares traded in the Mid- /Small-Cap Shares segment and trading in all shares on a separate trading line.


1.1 Transaction fee

The transaction fee differs according to the following table, depending on the interface with the exchangesystem.

Standard fee Trades executed via STIand all auction executions

Trades executed duringcontinuous trading via OTI

Standard CHF 1.00 CHF 0.50

1.2 Ad valorem fee

1.2.1 Standard













2.1 Transaction fee


2.2 Ad valorem fee






Annex C – Secondary Listing Shares


1.1 Transaction fee


1.2 Ad valorem fee

1.2.1 Standard













2.1 Transaction fee


2.2 Ad valorem fee






Annex D – Sponsored Foreign SharesEquity securities from foreign issuers which have their primary listings on an exchange recognised by theRegulatory Board and are admitted to trading in accordance with the Rules for the SIX Swiss Exchange – Sponsored Segment.


1.1 Standard tariff

The standard tariff applies to all trades resulting from orders.

1.1.1 Transaction fee


1.1.2 Ad valorem fee

Floor Scale Cap





1.2 Market maker tariff

The market maker tariff applies to all trades resulting from quotes.




Floor Scale Cap

a) Poster CHF 0.00 0.00 bp CHF 0.00

b) Aggressor CHF 0.00 0.00 bp CHF 0.00

c) Auction execution CHF 0.00 0.00 bp CHF 0.00



2.1 Transaction fee


2.2 Ad valorem fee






3 Capacity fees

3.1 QPS capacity fee

3.1.1 Capacity free of charge

Each market maker receives the following QPS capacity free of charge for those equity securities in thistrading segment for which it has assumed market making obligations:

Number of equity securities withmarket making obligations

QPS capacity free of chargeper equity security

1 1 QPS

3.1.2 Capacity for which fees are charged

Each market maker may increase its QPS capacity by paying a monthly fee.

The tariff for additional capacity is as follows:

Number of additional QPS Fee per QPS

1 CHF 25

The Exchange reserves the right to introduce a cap on QPS per market maker.

The QPS capacity may be used for market making in Sponsored Foreign Shares only.



Annex E – Rights and OptionsRights and Options, such as subscription rights within the framework of capital increases, subscriptionrights in connection with the distribution of a stock dividend, put options for the purpose of share repur-chases, as well as shareholder and employee options.

1 Fees for on-exchange, on-order-exchange trading

1.1 Transaction fee


1.2 Ad valorem fee


Standard fee: Floor Scale Cap

a) Poster -- 0.65 bp --

b) Aggressor -- 0.65 bp --

c) Auction execution -- 0.65 bp --



2.1 Transaction fee


2.2 Ad valorem fee



Reporting -- 0.25 bp --



Annex F – ETF, ETSF, Investment Funds and ETPTradable units in collective investment schemes, i.e. in investment and individual funds, Exchange TradedFunds (ETF), Exchange Traded Structured Funds (ETSF) and investment companies with variable capital(Société d'investissement à capital variable (SICAV)) and exchange-traded products (ETP).


1.1 Standard tariff





Floor Scale Cap





1.2 Market maker





Floor Scale Cap






2.1 Transaction fee


2.2 Ad valorem fee






3 Capacity fees

3.1 QPS capacity fee for market makers


Each market maker receives the following QPS capacity free of charge for those instruments in the ETF,ETSF and ETP trading segments for which it has assumed market making obligations:

Number of instruments withmarket making obligations

QPS capacity free of chargeper additional instrument

1–50 1 QPS

from 51 2 QPS





1 CHF 25


This QPS capacity may be used for market making in ETF, ETSF and ETP only.



Annex G – Sponsored FundsTradable units in collective investment schemes issued by domestic and foreign issuers, which have beenapproved by Swiss Financial Market Supervisory Authority (FINMA) under the Collective InvestmentSchemes Act (CISA) or authorised by FINMA for sale in or from Switzerland (excluding ETF, ETSF & realestate funds).


1.1 Standard tariff





Floor Scale Cap





1.2 Market maker tariff





Floor Scale Cap






2.1 Transaction fee


2.2 Ad valorem fee






3 Capacity fees

3.1 QPS capacity fee for market makers


Each market maker receives the following QPS capacity free of charge for those instruments in this tradingsegment for which it has assumed market making obligations:

Number of instruments withmarket making obligations

QPS capacity free of chargeper instrument

1 1 QPS





1 CHF 25


The QPS capacity may be used for market making in Sponsored Funds only.



Annex H – Bonds – CHFListed Swiss franc-denominated bonds regardless of the domicile of the issuer.


1.1 Standard tariff





Floor Scale Cap





1.2 Liquidity provider tariff

The liquidity provider tariff applies to all trades resulting from quotes.




Floor Scale Cap






2.1 Transaction fee


2.2 Ad valorem fee




3 Capacity fees

3.1 QPS capacity fee for liquidity providers


The Exchange allocates ten quotes per second (QPS) free of charge to each liquidity provider.

In addition, the Exchange allocates each liquidity provider one QPS free of charge for each bond in thistrading segment for which it fulfils the following liquidity requirements on a cumulated basis each month:a) a trading spread between the bid and ask prices of the quotes of maximum of 1%;b) an average quote size of at least CHF 100,000; and



c) an average on-order-book presence time of at least 90% in continuous trading during the previous cal-endar month.

The number of additional free-of-charge QPS allocated owing to the fulfilment of liquidity requirements iscalculated monthly and is limited to 50 QPS per liquidity provider.


Each liquidity provider may increase its QPS capacity by paying a monthly fee.



1–40 CHF 250

41–120 CHF 200

121–360 CHF 150

361–600 CHF 100

601–900 CHF 50

from 901 CHF 25

The Exchange reserves the right to introduce a cap on QPS per liquidity provider.

QPS capacity may be used to satisfy liquidity requirements for Bonds – CHF only.



Annex I – Bonds – Non-CHFBonds that are listed and admitted to trading and are denominated in a foreign currency regardless of thedomicile of the issuer.


1.1 Standard tariff





None

1.2 Liquidity provider tariff

The liquidity provider tariff applies to all trades resulting from quotes.




None


2.1 Transaction fee


2.2 Ad valorem fee

None

3 Capacity fees

3.1 QPS capacity fee for liquidity providers


The Exchange allocates ten quotes per second (QPS) free of charge to each liquidity provider.

In addition, the Exchange allocates each liquidity provider one QPS free of charge for each bond in thistrading segment for which it fulfils the following liquidity requirements on a cumulated basis each month:a) a trading spread between the bid and ask prices of the quotes of maximum of 1%;b) an average quote size of at least USD 100,000; andc) an average on-order-book presence time of at least 90% in continuous trading during the previous cal-

endar month.

The number of additional free-of-charge QPS allocated owing to the fulfilment of liquidity requirements iscalculated monthly and is limited to 250 QPS per liquidity provider.


Each liquidity provider may increase its QPS capacity by paying a monthly fee.





1–40 CHF 250

41–120 CHF 200

121–360 CHF 150

361–600 CHF 100

601–900 CHF 50

from 901 CHF 25

The Exchange reserves the right to introduce a cap on QPS per liquidity provider.

QPS capacity may be used to satisfy liquidity requirements for Bonds – Non-CHF only.



Annex J – Structured ProductsStructured Products are financial instruments that are issued as securities with standard features and arecharacterised by their value being dependent upon that of some other product ("underlying instrument").


1.1 Transaction fee


Where there are more than 50,000 poster transactions per month, a discount of 50% of the transaction feeis granted from the 50,001st transaction onwards.

1.2 Ad valorem fee



b) Aggressor & auction execution CHF 1.50 1.50 bp CHF 100.00

2 Fees for on-exchange, off-order-book trading

2.1 Transaction fee


2.2 Ad valorem fee



3 Capacity fees

3.1 QPS capacity fee for market makers and liquidity providers


The Exchange allocates a total of five quotes per second (QPS) free of charge to every market maker and/or liquidity provider if the following requirements are fulfilled on an cumulated basis each month:a) the participant is registered as a market maker and/or liquidity provider for at least one instrument in

this trading segment and has been appointed by the issuer as the liquidity provider and/or marketmaker; and

b) an average presence time with quotes on the bid or ask side of the order books for the instruments inthis trading segment that are allocated to him of at least 50% in continuous trading during the previouscalendar month.

The number of additional free-of-charge QPS allocated owing to the fulfilment of liquidity requirements iscalculated monthly and is limited to 5 QPS per market maker and/or liquidity provider.


Each market maker and/or liquidity provider may increase its QPS capacity by paying a monthly fee.





1–40 CHF 425

41–120 CHF 375

121–360 CHF 300

361–600 CHF 200

601–900 CHF 120

901–1,200 CHF 80

1,201–2,400 CHF 50

from 2,401 CHF 25

The Exchange reserves the right to introduce a cap on QPS per market maker and/or liquidity provider.

The QPS capacity may be used for market making and for fulfilling liquidity requirements for StructuredProducts only.

4 Special fees

The special fee is calculated as follows:

Number of FOK / accept orders and/or replications per month

Fee per FOK / accept order or replication

0-500 CHF 0.00

501–1,500 CHF 1.00

from 1,501 CHF 3.00



Annex K – Fees for on-exchange trading without pre-trade transparency

1 SIX Swiss Exchange At Midpoint (SwissAtMid)

1.1 Blue Chip Shares



Choice of rate band for on-order-book trading Trades executed via STI Trades executed via OTI


Newly admitted participants CHF 1.00 CHF 0.05

Commitment Level 1 CHF 1.00 CHF 0.50




Choice of rate band for on-order-book trading Floor Scale Cap

Standard CHF 0.50 0.65 bp CHF 65

Newly admitted participants CHF 0.50 0.47 bp CHF 47

Commitment Level 1 CHF 0.50 0.55 bp CHF 55



1.2 Mid-/Small-Cap Shares



Standard fee Trades executed via STI Trades executed via OTI




Standard CHF 0.50 0.55 bp CHF 55

2 SIX Swiss Exchange Liquidnet Service (SLS)

2.1 All securities tradable on SLS


None.



Standard - 1.00 bp -



Annex L – Access Fee

1 Direct connection via Managed and Leased Line

The monthly access fee for clients with direct connections to the Exchange network (SCAP) is determinedby the type of connectivity chosen. It is levied per access and port (not redundant). The line costs from theparticipant to the SCAP network of the Exchange via an external data line are not included in the price andare borne by the participant. The applicable fees are given in the following table:

Connectivity option Bandwidth Access fee p.m. (CHF)

Internet up to 1 Mbps free of charge

Managed IP service up to 2 Mbps 600

Managed IP service up to 4 Mbps 950

Managed IP service up to 10 Mbps 1,000




Ethernet service up to 4 Mbps 950

Ethernet service up to 10 Mbps 1,000




Optical link up to 50 Mbps 3,500*

Optical link up to 100 Mbps 4,500*

* plus one-off, expenditure-dependent internal installation costs incurred by the Ex-change, e.g. for technical connection, routing, configuration, etc.

The access fees listed above include access to the interfaces listed under Clause 6. Additional accesses tothe Exchange system will be billed separately (see Clause 6 below).

The provisions on billing and termination are governed by Clause 8.

2 Direct connection via Proximity Service

The monthly access fee for clients with direct connections to the Exchange network (SCAP) is CHF 2,750per port (not redundant). The Exchange reserves the right, where necessary, to adjust actively managedbandwidth.

The Exchange reserves the right to limit the number of ports per client.


3 Co-Location Access

The monthly access fee for clients with Co-Location Access is CHF 1,250 per port (not redundant).

The participant bears the costs of the line from the participant infrastructure to the Exchange demarcationpoint.



4 Direct connection via an Access Point abroad

The monthly access fee for clients with direct connections to the Exchange network (SCAP) via an AccessPoint abroad is CHF 2,650 per port (not redundant). The Exchange determines the Access Points. The Ex-change reserves the right, where necessary, to adjust actively managed bandwidth.

The participant bears the costs of the line to the Access Point.





5 Participant connection via an ASP

Participants connecting via an ASP are not charged a monthly fee.

6 Connectivity of Infrastructure Service Providers (ISP)

The connectivity fee for ISP is divided into one-off and continuous fees.

6.1 One-off connectivity fee

The one-off connectivity fee for ISPs consists of a fixed-cost amount of CHF 9,500 and an expenditure-de-pendent fee of CHF 200 per hour.

6.2 Ongoing connectivity fee

The ongoing fees for ISPs depend on the number of the participants connected via the relevant ISP:– For ISPs connecting up to ten participants, the monthly fee if CHF 2,800 regardless of whether the ISP

connects to the Exchange with one or two data lines.– From eleven connected participants, the connection for ISPs is free of charge.


7 Trading interfaces

7.1 Standard Trading Interface (STI)

The monthly access fee includes standard connection to the Standard Trading Interface, as well as a num-ber of free FIX connections and participant identifications (Party IDs).

The number of free FIX connections is determined by the commitment level tariff chosen for the blue chipequity trading segment, as well as connection status to the OUCH Trading Interface (OTI), or the QuoteTrading Interface (QTI).

Membership Free FIX connections for participantswith OTI or QTI connection

Free FIX connections for participantswithout OTI or QTI connection

Participant withoutcommitment level tariff

3 free FIX connections 1 free FIX connection

Participant withcommitment level 1 tariff

6 free FIX connections 2 free FIX connections





Participant with LPS tariff 12 free FIX connections 4 free FIX connections

An application must be submitted to the Exchange for each additional FIX connection and Party ID for par-ticipants and Application Service Providers.

The Exchange charges an additional monthly fee of CHF 2,000 for each authorised FIX connection overand above the free allocation.

Depending on their commitment level tariff, each participant receives the following number of free FIXtransactions per second (FTPS) from the Exchange:



Membership Free FIX transactions per second(FTPS)

Participant without commitment level tariff 20

Participant with commitment level 1 tariff 60



Participant with LPS tariff 200

Each participant may increase their FTPS capacity by paying a monthly fee of CHF 250 per FTPS. The Ex-change reserves the right to introduce a cap on FIX transactions per participant.

7.2 OUCH Trading Interface (OTI)

There is no additional access fee for OTI usage.

7.2.1 OUCH Trading Interface (OTI) - Equity

The number of OUCH transactions per second (OTPS) is unlimited for trading in equity markets.

The Exchange reserves the right to limit the number of OTI-Equity connections.

7.2.2 OUCH Trading Interface (OTI) - Non-Equity

Depending on their commitment level tariff, each participant receives the following number of free OUCHtransactions per second (OTPS) from the Exchange for trading in non-equity markets:

Membership Free OUCH transactions per second(OTPS)

Participant without commitment level tariff 20




Participant with LPS tariff 200

Each participant may increase its OTPS capacity by paying a monthly fee of CHF 250 per OTPS. The Ex-change reserves the right to limit the number of OTI-Non-Equity connections.

7.3 Quote Trading Interface (QTI)

Market makers and liquidity providers are not charged an additional access fee for their QTI connection.

The Exchange reserves the right to limit the number of QTI connections.

8 Common Terms

The client or the Exchange may terminate the client connection in writing subject to a notice period ofthirty days, effective at the end of a month.

Should a new client connection subsequently be established, the Exchange will waive the one-off installa-tion fee.

The access fee will be charged from the date on which the data centre provider or line provider reports theconnection as ready for service, or from the agreed time in the case of managed IP and ethernet services.

The minimum billing period is three months.

When switching a connection option or location that is already in place, the client is charged the actual ex-penses at a rate of CHF 200 per hour, but at least CHF 2,500 per connection.

The cancellation of an existing access which preceded a new access within the last three months is sub-ject to the same fee regulations above.

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